Bitcoin breaks all time high (+19% captured), what next? - 23/05/2025

BITCOIN UPDATEHey traders , how are you all ? I hope you all are doing great and would be making insane profits in the current markets. Bitcoin has pumped a lot recently and we even got breakout of the all time high the details that i mention in this announcement might surprise you or sound weird but that is what we generally see when all time highs are approached in the crypto market. Now without wasting time let's dive in and see all the charts.FOLLOW UP FROM PREVIOUS ANNOUNCEMENT In my previous announcement I mentioned that bitcoin had a breakout from the falling wedge and was bullish. Bitcoin has pumped 19% since the last move and traced the all time high.HIGH TIME FRAME (1D)The break out from the falling wedge worked as the catalyst for the move of bitcoin from 94k to the all time high. We have got a daily candle close above the resistance zone as well. However the current chart gives me a vibe of chances of formation of an inverse head and shoulders pattern. If we close below the all time high resistance zone(MARKED AS BLACK IN THE CHART) then we might form the right shoulder of the inverse HNS pattern. Here is a representation of what the scenario will look like. This scenario will kick in only and only when we the breakout turns out to be fake. Pull backs are a part of the game. Let's see how things play out here. Another important thing to see here is the production cost and electricity cost levels, you may observe the price is playing around a band with red background having two levels, one at the top (100k) which is know as the production cost and another one at the bottom(59k) which is called the electricity cost. Bitcoin has finally escaped the production cost level. Bitcoin is actually cheap here. Surprised ??? I know 100k is a big ask but that is what it takes to produce a bitcoin by mining. If we have a look at the history every time bitcoin has pumped really hard after it surpassed the production level. Checkout the image mentioned in the background for reference :) So is this a beginning of a new run ? YES. What are the targets ? Generally once the all time high breaks there is no level and open sky for the price to wander around. It is all on the psychological level and I got three targets considering the current scenarioTarget 1:-150kTarget 2 :-200kTarget 3 :-222kWe will adjust these with time considering all the new emerging aspects.MID TIME FRAME (4H)In the 4h time frame we can see a retest of the black zone taking place, till now there is very less chance of formation of inverse head and shoulders pattern , one important reason is that we generally do not see this pattern in the uptrend. As mentioned the trend is strong uptrend and pull backs are a part of the game. Let's see if the black zone support holds up or not. In case we breakdown the next support will be 100k and 92k level, reaching which we will decide what possibly could happen next. EMA 100 is acting as support and the relative strength index is at 55 with no divergences as of now. CONCLUSION Bitcoin continues to stay bullish. Pull backs are a part of the game. All time high zone is acting as a support for now and production cost level has been surpassed. There will be manipulations and weak hands will be wiped out before the real pump along side that we will have a lot of opportunities to trade altcoins. Stay tuned and keep trading... HAPPY TRADING !!!Hope you liked our post! We’d love to hear your thoughts—your feedback means a lot to us and helps us get even better. Let’s stay in touch!!Rumman

Bitcoin breaks all time high (+19% captured), what next? - 23/05/2025

Bitcoin breaks all time high (+19% captured), what next? - 23/05/2025

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